When Obama care was upheld a tiny secret little tax law will also go into effect Jan 2013- a 3.8 % “real estate tax” on the sale of your home. The Health care bill targets capital gains. Yes it is true, here is how you may be affected:
Adjusted gross income of more than $200,000 as a single, and $250,000 married(joint)
Dividends,interest, net capital gains and net rental income may be taxed
Solely earned income -salary no tax
Still tax exclusions apply first $500,000(joint), $250,000 (single) of gain you make on the sale of your principal home in not taxed.
Any profits above those limits is subject to federal capital gains taxation.
The 3.8 % percent levy can be larger than expected when you sell a rental property, a vacation home, where all the profits could subject you to the investment surtax.
Talk to a tax attorney/ professional for advise on your new tax liabilities.
Keep all documentations of home repairs and capital improvements-that increase your tax basis.